BTCC CEO Calls for More Regulation on Crypto

Crime, FinTech, Investing, News, Regulation | July 11, 2017 By:

Bobby Lee, CEO of Chinese exchange BTCC, has called for cryptocurrency regulation in an interview.

Speaking to CNBC, Lee said that cryptocurrencies will “run amok from society” unless new regulations are implemented. “But the challenge is how to craft the rules around this new technology,” he said. “I think it’s taking the lawmakers and regulators some time to wrap their minds around it, and to come up with the appropriate rules and laws to govern companies, how we do business, to govern individuals (and) how people conduct business online.”

Chinese authorities have cracked down on that country’s exchanges over the last six months, limiting outbound transfers and raiding corporate offices to make sure that rules against money laundering are being enforced.

Lee claimed those actions were “not really a crackdown,” he said. “The central bank previously was not very aware of the details of how bitcoin is utilized, how bitcoin is traded.” Such ignorance has since been assuaged, noting “after studying it more, I think the central bank has realized that bitcoin is not the cause of the change in exchange rate, nor is it the cause of the capital outflows.”

Lee said other central banks need to pay closer attention to cryptocurrency. “It’s a new thing the central banks should pay attention to and figure out what the rules and regulations should be.”